Consolidation around 6280 levels and traded mostly between 6280-6300 levels the whole day. Nifty touched a low of 6268 and managed to reach 6300 in the afternoon, but lost momentum after that and closes near the day's low and below the pivot point @ 6273. VWAP @ close is 6302.
1) Tomorrow, a gap up opening above pivot point means 6295-6315-6350-6390 will be the trading range.
2) Gap down opening and negative bias means a lower trading range of 6285-6240-6215 levels. The level of 6285 is very important level for this week and reversal point on downside should be above 6240 levels on closing basis if at all Nifty falls below 6250 and tests 6200-6190 levels. The 5 SMA on closing basis comes to 6230 levels today and 5-DEMA above 5-SMA @ 6234.
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